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‘India sustained growth due to foreign investment’

HYDERABAD: The BRIC countries, including India, showed a pattern of growth because of foreign investments, while other nations faced economic slowdown consequent to the global meltdown.

This was stated by L. Pugazhenthy, president, Indian Institute of Metals, during his presidential remarks at a national seminar on ‘Non-ferrous metals and global meltdown—India’s strategies’ here on Tuesday, according to an official release.

Many non-ferrous Indian companies too have started investing and acquiring mines in countries like the UK, the US and Australia. In his inaugural address, P. Parvathisam, former chairman and managing director of NALCO, said that the country witnessed substantial growth in zinc and copper production. There was a need to progressively invest in exploration and mining. P. Ramchandra Rao, Raja Ramanna Fellow and former Vice-Chancellor, Benares Hindu University, said there was tremendous scope for developing downstream processes of aluminium alloys.